Lawmakers finally got it! They realized that it takes time to grow a new business and that it may not generate tax revenue for a while. So they put some extremely helpful rules into the Protecting Americans from Tax Hikes (PATH) Act of 2015. If you are thinking about starting a new small business, you may be able to save a lot of money. But you have to know how to play … [Read more...]
Filing tips
Sorted by Date
Cash in on “goodwill” when you sell your business
When it comes time to sell your business, you’ll have to consider the intangible asset of goodwill. Definition: Goodwill is the value of a business in excess of its identifiable tangible and intangible assets. It represents the value of your reputation and customer loyalty. Goodwill can be worth a lot of money when you sell, but there are tax consequences that you have to be … [Read more...]
Three Ways to Defeat Audit Penalties and Save Thousands
If you’re running a small business, the IRS sees you as a target. Which means they’ll pounce whenever they get the chance. For example, in an audit they’ll try to impose stiff “accuracy related” penalties on top of any unpaid taxes they turn up. But these penalties are not automatic and you can defend yourself against them if you know the law’s provisions. We’ll show you … [Read more...]
How to increase your home office deduction
If you have a home office, be careful! IRS Form 8829 gives you the impression that you should only use the gross-square-footage method for computing your home office deduction. Not true! We’ll show you a way to compute your deduction that’s always superior to the gross-square-footage method. Want to find out how you can legally wind up with more money in your … [Read more...]
Live and work abroad and pay no federal tax
Here’s good news if you’re self-employed (or are an employee) and live and work abroad … You may be able to exclude most, if not all, of your earned income from United States taxes. That’s right. If you take advantage of the “foreign earned income exclusion,” you can avoid taxes up to $101,300 of 2016 earned income. And that’s just for starters. Want to find out more … [Read more...]